Page 272 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:18 PM UAE, Morocco finalise comprehensive free trade agreement

Once implemented, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or
removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing
customs harmonisation, and establishing flexible rules of origin for goods.

Additionally, the agreement will create platforms for investment and private-sector collaboration in key sectors such
as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT.

In 2023, the two countries shared US$1.3bn in non-oil trade, representing a 30 percent increase from 2022 and an
83 percent increase compared to 2019. The UAE stands as the largest Arab investor in Morocco, with more than
$15bn invested in various strategic projects.

Dr Thani bin Ahmed Al Zeyoudi expressed his enthusiasm for this development in the UAE’s foreign trade agenda.

He stated, “The UAE-Morocco Comprehensive Economic Partnership Agreement is a valuable addition to our CEPA
programme. Our two brotherly nations already enjoy strong bilateral economic relations, and this agreement will
enable us to further develop areas of mutual benefit, particularly in sectors such as tourism, energy, manufacturing,
and agriculture, generating long-term prosperity for both peoples. Morocco is one of the largest and most

competitive economies in Africa, and we look forward to working in unison to create new opportunities for our
private sectors.”

Ryad Mezzour, Minister of Industry and Trade of Morocco, added, “I signed today with my brother, Thani bin Ahmed
Al Zeyoudi, a joint declaration announcing the conclusion of negotiations between our two countries on a

Comprehensive Economic Partnership Agreement.

“This agreement is part of the implementation of the Declaration signed by King Mohammed VI and President
Sheikh Mohamed bin Zayed Al Nahyan on December 4, 2023 in Abu Dhabi, which aims to establish an innovative,

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